The Federal Open Market Committee decided to start tapering the central bank’s $85 billion in monthly bond purchases, aimed at holding down long-term interest rates. The program began in September 2012.

Fed officials said they would reduce the purchases by $10 billion a month, starting in January.

In a statement after a two-day meeting, Fed policymakers said they were reducing the purchases to $75 billion a month “in light of cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions.”